IFRS 11 Joint Arrangements
International Financial Reporting Standard 11
Overview of IFRS 11
- Issued: in 2011; followed by amendments
- Effective date: 1 January 2013
- What it does:
- It sets principles for reporting of joint arrangements – arrangements of which two or more parties have joint control.
- It explains characteristics of joint control:
- The parties are bound by a contractual arrangement;
- The contractual arrangement gives two or more of those parties joint control of the arrangement.
- IFRS 11 classifies joint arrangements into 2 categories:
- Joint operation; and
- Joint venture.
- It prescribes how each of these forms shall be recognized and reported in the financial statements of parties to a joint arrangement.
Articles about IFRS 11
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